摘要
高质量发展背景下,利用2015—2021年上市公司对外担保与会计信息透明度数据,实证分析了对外担保对会计信息透明度的影响及不同证券监管方式的差异化调节作用。研究发现,对外担保与公司会计信息透明度呈显著负相关关系,即对外担保比例越高,公司的会计信息透明度越低;与证监会随机抽查相比,交易所问询监管与证监会行政处罚监管,在对外担保与会计信息透明度的关系中具有显著的负向调节作用。进一步研究发现,对外担保与会计信息透明度的关系在非国有公司、管理层持股比例较低的公司中更显著。因此,公司应严格谨慎地审批对外担保事项,监管机构在完善现有监管方式的同时应着重加强对存在对外担保公司的监管力度,提高会计信息透明度。
Against the backdrop of high-quality development proposed by the 20 th National Congress of the Communist Party of China,this study empirically analyzes the impact of external guarantees on the transparency of accounting information as well as the differential regulatory effects of different securities regulatory methods.Leveraging data on external guarantees and the transparency of accounting information from listed companies spanning 2015 to 2021,the findings reveal that there is a significant negative correlation between external guarantees and the transparency of accounting information,that is,the higher the proportion of external guarantees,the lower the transparency of accounting information.In comparison with random inspections conducted by the China Securities Regulatory Commission,inquiry supervision by stock exchanges and administrative penalty supervision by the China Securities Regulatory Commission exhibit a notable negative moderating effect on the relationship between external guarantees and the transparency of accounting information.Further research finds that the relationship between external guarantees and the transparency of accounting information is more significant in non-state-owned companies and those with lower management shareholding ratios.Therefore,companies must exercise rigorous caution in approving external guarantees,while regulatory agencies should enhance existing regulatory methods and strengthen supervision of companies with external guarantees so as to promote greater transparency in accounting information.
作者
李芳
许蓝元
王松
LI Fang;XU Lanyuan;WANG Song(College of Economics and Management,Shandong University of Science and Technology,Qingdao,Shandong 266590,China)
出处
《山东科技大学学报（社会科学版）》
2024年第5期83-95,共13页
Journal of Shandong University of Science and Technology(Social Sciences)
基金
国家自然科学基金面上项目(71371111)
山东省自然科学基金面上项目(ZR2021MG021)。
关键词
对外担保
会计信息透明度
证券监管
external guarantees
transparency of accounting information
securities regulation
